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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2023
or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the Transition Period from                      to                     .
Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
  
475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)
(203)629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title Trading SymbolName
 
Common Stock, par value $.20 per shareWRBNew York Stock Exchange
5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐
1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ☒
Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Number of shares of common stock, $.20 par value, outstanding as of July 27, 2023: 257,523,291
2

TABLE OF CONTENTS
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT
3

Part I — FINANCIAL INFORMATION
Item 1.     Financial Statements
W. R. BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
2023		December 31,
2022
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $19,104,348 and $18,715,483; allowance for expected credit losses of $44,301 and $37,466 at June 30, 2023 and December 31, 2022, respectively)
$18,055,623 $17,587,349 
Investment funds1,594,225 1,608,548 
Real estate1,292,200 1,340,622 
Equity securities1,239,712 1,185,894 
Arbitrage trading account723,967 944,230 
Loans receivable (net of allowance for expected credit losses of $4,550 and $1,791 at June 30, 2023 and December 31, 2022, respectively)
181,562 193,002 
Total investments23,087,289 22,859,645 
Cash and cash equivalents1,823,558 1,449,346 
Premiums and fees receivable (net of allowance for expected credit losses of $32,770 and $30,660 at June 30, 2023 and December 31, 2022, respectively)
3,042,864 2,779,244 
Due from reinsurers (net of allowance for expected credit losses of $9,365 and $8,064 at June 30, 2023 and December 31, 2022, respectively)
3,444,721 3,187,730 
Deferred policy acquisition costs830,315 763,486 
Prepaid reinsurance premiums753,094 696,468 
Trading account receivables from brokers and clearing organizations484,457 233,863 
Property, furniture and equipment421,049 423,232 
Goodwill174,597 185,509 
Accrued investment income184,729 166,784 
Current and deferred federal and foreign income taxes313,837 333,774 
Other assets748,184 736,022 
Total assets$35,308,694 $33,815,103 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$17,919,996 $17,011,223 
Unearned premiums5,698,478 5,297,654 
Due to reinsurers598,162 523,131 
Other liabilities1,347,896 1,377,740 
Senior notes and other debt1,827,080 1,828,823 
Subordinated debentures1,008,730 1,008,371 
Total liabilities28,400,342 27,046,942 
Equity:  
Preferred stock, par value $0.10 per share:
  
Authorized 5,000,000 shares; issued and outstanding - none
— — 
Common stock, par value $0.20 per share:
  
Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 257,516,572 and 264,546,100 shares, respectively
105,803 105,803 
Additional paid-in capital1,020,818 997,534 
Retained earnings10,624,518 10,161,005 
Accumulated other comprehensive loss(1,181,673)(1,264,581)
Treasury stock, at cost, 271,498,056 and 264,468,528 shares, respectively
(3,682,281)(3,251,429)
Total stockholders’ equity6,887,185 6,748,332 
Noncontrolling interests21,167 19,829 
Total equity6,908,352 6,768,161 
Total liabilities and equity$35,308,694 $33,815,103 
See accompanying notes to interim consolidated financial statements.
1

W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
2023202220232022
REVENUES:  
Net premiums written$2,811,515 $2,585,635 $5,386,339 $4,998,889 
Change in net unearned premiums(258,788)(228,477)(342,180)(392,645)
Net premiums earned2,552,727 2,357,158 5,044,159 4,606,244 
Net investment income245,152 171,574 468,551 345,086 
Net investment gains (losses):
Net realized and unrealized gains (losses) on investments68,647 (163,935)91,258 205,947 
Change in allowance for expected credit losses on investments(9,993)(7,620)(9,594)(11,237)
Net investment gains (losses)58,654 (171,555)81,664 194,710 
Revenues from non-insurance businesses113,910 128,421 238,110 226,197 
Insurance service fees25,471 26,393 58,328 54,344 
Other income— 896 106 1,716 
Total revenues2,995,914 2,512,887 5,890,918 5,428,297 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,569,654 1,435,817 3,108,409 2,775,069 
Other operating costs and expenses823,682 699,819 1,649,255 1,413,718 
Expenses from non-insurance businesses113,538 122,966 236,306 217,822 
Interest expense31,856 31,723 63,692 66,693 
Total operating costs and expenses2,538,730 2,290,325 5,057,662 4,473,302 
Income before income taxes457,184 222,562 833,256 954,995 
Income tax expense(101,460)(43,095)(181,803)(182,499)
Net income before noncontrolling interests355,724 179,467 651,453 772,496 
Noncontrolling interests584 (145)(1,019)(2,536)
Net income to common stockholders$356,308 $179,322 $650,434 $769,960 
NET INCOME PER SHARE:  
Basic$1.32 $0.65 $2.38 $2.78 
Diluted$1.30 $0.64 $2.36 $2.76 

See accompanying notes to interim consolidated financial statements.






2

W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In thousands)
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
2023202220232022
Net income before noncontrolling interests$355,724 $179,467 $651,453 $772,496 
Other comprehensive income (loss):  
Change in unrealized currency translation adjustments10,528 (43,393)15,394 12,879 
Change in unrealized investment (losses) gains, net of taxes(113,284)(337,008)67,515 (760,553)
Other comprehensive (loss) income(102,756)(380,401)82,909 (747,674)
Comprehensive income (loss)252,968 (200,934)734,362 24,822 
Noncontrolling interests584 (145)(1,018)(2,535)
Comprehensive income (loss) to common stockholders$253,552 $(201,079)$733,344 $22,287 

See accompanying notes to interim consolidated financial statements.
3

W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
2023202220232022
COMMON STOCK:  
Beginning and end of period$105,803 $105,803 $105,803 $105,803 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$1,008,128 $992,012 $997,534 $981,104 
Restricted stock units issued1,198 (1,840)(2)(2,370)
Restricted stock units expensed11,492 10,921 23,286 22,359 
End of period$1,020,818 $1,001,093 $1,020,818 $1,001,093 
RETAINED EARNINGS:  
Beginning of period$10,296,539 $9,582,790 $10,161,005 $9,015,135 
Net income to common stockholders356,308 179,322 650,434 769,960 
Dividends ($0.11, $0.60, $0.71 and $0.69 per share, respectively)
(28,329)(159,164)(186,921)(182,147)
End of period$10,624,518 $9,602,948 $10,624,518 $9,602,948 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment (loss) gain:  
Beginning of period$(712,107)$(332,646)$(892,905)$90,900 
Change in unrealized (losses) gains on securities without an allowance for expected credit losses(116,978)(320,130)60,364 (743,969)
Change in unrealized gains (losses) on securities with an allowance for expected credit losses3,694 (16,878)7,150 (16,585)
End of period(825,391)(669,654)(825,391)(669,654)
Currency translation adjustments:  
Beginning of period(366,810)(316,583)(371,676)(372,855)
Net change in period10,528 (43,393)15,394 12,879 
End of period(356,282)(359,976)(356,282)(359,976)
Total accumulated other comprehensive loss$(1,181,673)$(1,029,630)$(1,181,673)$(1,029,630)
TREASURY STOCK:  
Beginning of period$(3,387,538)$(3,166,873)$(3,251,429)$(3,167,076)
Stock exercised/vested597 1,144 992 1,347 
Stock repurchased(292,467)— (427,619)— 
Other(2,873)— (4,225)— 
End of period$(3,682,281)$(3,165,729)$(3,682,281)$(3,165,729)
NONCONTROLLING INTERESTS:  
Beginning of period$21,608 $23,296 $19,829 $14,719 
Contributions (distributions)143 (1,053)320 5,134 
Net (loss) income(584)145 1,019 2,536 
Other comprehensive loss, net of tax— — (1)(1)
End of period$21,167 $22,388 $21,167 $22,388 
See accompanying notes to interim consolidated financial statements.
4

W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
For the Six Months
Ended June 30,
 20232022
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$650,434 $769,960 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment gains(81,664)(194,710)
Depreciation and amortization6,900 37,238 
Noncontrolling interests1,019 2,536 
Investment funds(993)(85,874)
Stock incentive plans25,085 24,158 
Change in:
Arbitrage trading account(30,331)(27,071)
Premiums and fees receivable(272,849)(284,092)
Reinsurance accounts(242,376)(111,350)
Deferred policy acquisition costs(68,414)(77,561)
Income taxes(5,703)(56,725)
Reserves for losses and loss expenses914,169 788,211 
Unearned premiums398,563 409,450 
Other(139,771)(188,517)
Net cash from operating activities1,154,069 1,005,653 
CASH USED IN INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities623,886 909,295 
Proceeds from sale of equity securities97,916 19,842 
Distributions from (contributions to) investment funds12,963 (142,801)
Proceeds from maturities and prepayments of fixed maturity securities1,824,819 2,655,789 
Purchase of fixed maturity securities(2,833,467)(4,860,991)
Purchase of equity securities(62,485)(271,296)
Real estate additions(7,049)(5,974)
Change in loans receivable13,767 1,200 
Net purchases of property, furniture and equipment(25,720)(22,028)
Change in balances due to security brokers99,976 69,801 
Cash received in connection with business disposition94,076 906,789 
Payment for business purchased net of cash acquired— (49,572)
Other127 37 
Net cash used in investing activities(161,191)(789,909)
CASH USED IN FINANCING ACTIVITIES:  
Repayment of senior notes and other debt(1,954)(426,503)
Net proceeds from issuance of debt160 192 
Cash dividends to common stockholders(186,921)(22,983)
Purchase of common treasury shares(427,619)— 
Other, net324 (1,400)
Net cash used in financing activities(616,010)(450,694)
Net impact on cash due to change in foreign exchange rates(2,656)(17,290)
Net change in cash and cash equivalents374,212 (252,240)
Cash and cash equivalents at beginning of period1,449,346 1,568,843 
Cash and cash equivalents at end of period$1,823,558 $1,316,603 
See accompanying notes to interim consolidated financial statements.
5


W. R. Berkley Corporation and Subsidiaries
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) General
    The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. For the six months ended June 30, 2022, the Company did not correct the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination as the effects were not material and had no impact on the total amount of investing activities.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate differs from the federal income tax rate of 21% primarily due to state and foreign income taxes, which was partially offset by tax-exempt investment income.


(2) Per Share Data
    The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,416,856 and 11,592,699 common shares held in a grantor trust as of June 30, 2023 and 2022, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.
    The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
(In thousands)2023202220232022
Basic270,864 276,815 272,909 276,794 
Diluted273,095 279,525 275,213 279,327 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that became effective in 2023 were either not applicable to the Company or their adoption did not have a material impact on the Company.
Accounting and reporting standards that are not yet effective:
    All recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.
6

(4) Consolidated Statements of Comprehensive Income

    The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"):
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the six months ended June 30, 2023
Changes in AOCI
Beginning of period$(892,905)$(371,676)$(1,264,581)
Other comprehensive income before reclassifications99,093 15,394 114,487 
Amounts reclassified from AOCI(31,578)— (31,578)
Other comprehensive income67,515 15,394 82,909 
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(825,391)$(356,282)$(1,181,673)
Amounts reclassified from AOCI
Pre-tax$(39,972)(1)$— $(39,972)
Tax effect 8,394 (2)— 8,394 
After-tax amounts reclassified$(31,578)$— $(31,578)
Other comprehensive income
Pre-tax$87,978 $15,394 $103,372 
Tax effect(20,463)— (20,463)
Other comprehensive income$67,515 $15,394 $82,909 
As of and for the three months ended June 30, 2023
Changes in AOCI
Beginning of period$(712,107)$(366,810)$(1,078,917)
Other comprehensive (loss) income before reclassifications(56,122)10,528 (45,594)
Amounts reclassified from AOCI(57,162)— (57,162)
Other comprehensive (loss) income(113,284)10,528 (102,756)
Unrealized investment loss related to noncontrolling interest— — — 
Ending balance$(825,391)$(356,282)$(1,181,673)
Amounts reclassified from AOCI
Pre-tax$(72,357)(1)$— $(72,357)
Tax effect 15,195 (2)— 15,195 
After-tax amounts reclassified$(57,162)$— $(57,162)
Other comprehensive (loss) income
Pre-tax$(144,043)$10,528 $(133,515)
Tax effect30,759 — 30,759 
Other comprehensive (loss) income$(113,284)$10,528 $(102,756)
7

(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the six months ended June 30, 2022
Changes in AOCI
Beginning of period$90,900 $(372,855)$(281,955)
Other comprehensive (loss) income before reclassifications(799,623)12,879 (786,744)
Amounts reclassified from AOCI39,070 — 39,070 
Other comprehensive (loss) income(760,553)12,879 (747,674)
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(669,654)$(359,976)$(1,029,630)
Amounts reclassified from AOCI
Pre-tax$49,456 (1)$— $49,456 
Tax effect (10,386)(2)— (10,386)
After-tax amounts reclassified$39,070 $— $39,070 
Other comprehensive (loss) income
Pre-tax$(970,232)$12,879 $(957,353)
Tax effect209,679 — 209,679 
Other comprehensive (loss) income$(760,553)$12,879 $(747,674)
As of and for the three months ended June 30, 2022
Changes in AOCI
Beginning of period$(332,646)$(316,583)$(649,229)
Other comprehensive loss before reclassifications(366,488)(43,393)(409,881)
Amounts reclassified from AOCI29,480 — 29,480 
Other comprehensive loss(337,008)(43,393)(380,401)
Unrealized investment loss related to noncontrolling interest— — — 
Ending balance$(669,654)$(359,976)$(1,029,630)
Amounts reclassified from AOCI
Pre-tax$37,316 (1)$— $37,316 
Tax effect (7,836)(2)— (7,836)
After-tax amounts reclassified$29,480 $— $29,480 
Other comprehensive loss
Pre-tax$(430,784)$(43,393)$(474,177)
Tax effect93,776 — 93,776 
Other comprehensive loss$(337,008)$(43,393)$(380,401)
____________
(1) Net investment gains (losses) in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.



(5) Statements of Cash Flows
    Interest payments were $62,983,000 and $74,577,437 for the six months ended June 30, 2023 and 2022, respectively. Income taxes paid were $158,000,000 and $183,000,000 for the six months ended June 30, 2023 and 2022, respectively.
8

(6) Investments in Fixed Maturity Securities
    At June 30, 2023 and December 31, 2022, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2023
Held to maturity:
State and municipal$49,156 $(53)$2,859 $— $51,962 $49,103 
Residential mortgage-backed3,208 — 23 — 3,231 3,208 
Total held to maturity52,364 (53)2,882 — 55,193 52,311 
Available for sale:
U.S. government and government agency1,306,926 — 1,917 (70,726)1,238,117 1,238,117 
State and municipal:
Special revenue1,741,545 — 3,632 (103,268)1,641,909 1,641,909 
State general obligation369,064 — 2,042 (17,958)353,148 353,148 
Pre-refunded105,615 — 1,780 (309)107,086 107,086 
Corporate backed197,728 — 290 (9,277)188,741 188,741 
Local general obligation423,716 — 2,627 (14,183)412,160 412,160 
Total state and municipal2,837,668 — 10,371 (144,995)2,703,044 2,703,044 
Mortgage-backed:
Residential1,470,034 (24)358 (170,792)1,299,576 1,299,576 
Commercial624,077 (861)117 (19,237)604,096 604,096 
Total mortgage-backed2,094,111 (885)475 (190,029)1,903,672 1,903,672 
Asset-backed3,861,009 (1,444)274 (116,036)3,743,803 3,743,803 
Corporate:
Industrial3,502,256 — 5,327 (207,655)3,299,928 3,299,928 
Financial2,749,952 (8,867)2,178 (125,163)2,618,100 2,618,100 
Utilities654,356 — 1,555 (34,486)621,425 621,425 
Other478,682 — 13 (11,080)467,615 467,615 
Total corporate7,385,246 (8,867)9,073 (378,384)7,007,068 7,007,068 
Foreign government1,567,024 (33,052)2,719 (129,083)1,407,608 1,407,608 
Total available for sale19,051,984 (44,248)24,829 (1,029,253)18,003,312 18,003,312 
Total investments in fixed maturity securities$19,104,348 $(44,301)$27,711 $(1,029,253)$18,058,505 $18,055,623 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
9

(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2022
Held to maturity:
State and municipal$47,802 $(114)$4,239 $— $51,927 $47,688 
Residential mortgage-backed3,608 — 38 — 3,646 3,608 
Total held to maturity51,410 (114)4,277 — 55,573 51,296 
Available for sale:
U.S. government and government agency960,479 — 937 (69,158)892,258 892,258 
State and municipal:
Special revenue1,837,309 — 3,662 (119,474)1,721,497 1,721,497 
State general obligation387,709 — 2,651 (21,335)369,025 369,025 
Pre-refunded156,106 — 2,741 (7)158,840 158,840 
Corporate backed210,228 — 334 (10,923)199,639 199,639 
Local general obligation454,983 — 2,967 (16,853)441,097 441,097 
Total state and municipal3,046,335 — 12,355 (168,592)2,890,098 2,890,098 
Mortgage-backed:
Residential 1,308,019 (18)395 (171,595)1,136,801 1,136,801 
Commercial547,757 — 215 (19,363)528,609 528,609 
Total mortgage-backed securities1,855,776 (18)610 (190,958)1,665,410 1,665,410 
Asset-backed4,132,365 — 2,730 (152,322)3,982,773 3,982,773 
Corporate:
Industrial3,491,645 (1,704)4,439 (241,381)3,252,999 3,252,999 
Financial2,585,247 (2,997)5,505 (117,383)2,470,372 2,470,372 
Utilities586,066 — 1,307 (36,325)551,048 551,048 
Other441,230 — — (11,657)429,573 429,573 
Total corporate7,104,188 (4,701)11,251 (406,746)6,703,992 6,703,992 
Foreign government1,564,930 (32,633)4,283 (135,058)1,401,522 1,401,522 
Total available for sale18,664,073 (37,352)32,166 (1,122,834)17,536,053 17,536,053 
Total investments in fixed maturity securities$18,715,483 $(37,466)$36,443 $(1,122,834)$17,591,626 $17,587,349 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Provision for expected credit losses(61)(260)
Allowance for expected credit losses, end of period$53 $127 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$107 $378 
Provision for expected credit losses(54)(251)
Allowance for expected credit losses, end of period$53 $127 
10


The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$32,633 $4,701 $18 $— $37,352 $22,222 $16 $22,238 
Expected credit losses on securities for which credit losses were not previously recorded— 186 861 1,444 2,491 1,897 182 2,079 
Expected credit losses (gains) on securities for which credit losses were previously recorded419 3,987 6 — 4,412 9,010 (16)8,994 
Reduction due to disposals— (7)— — (7)(33)— (33)
Allowance for expected credit losses, end of period$33,052 $8,867 $885 $1,444 $44,248 $33,096 $182 $33,278 

During the six months ended June 30, 2023, the Company increased the allowance for expected credit losses for available for sale securities due to changes in economic assumptions utilized in its credit loss model, primarily affecting the financial services and real estate sectors. During the six months ended June 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to an increase in unrealized losses primarily associated with foreign government securities.
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$33,324 $3,795 $23 $— $37,142 $26,153 $— $26,153 
Expected credit losses on securities for which credit losses were not previously recorded— — 861 1,444 2,305 1,413 182 1,595 
Expected credit (gains) losses on securities for which credit losses were previously recorded(272)5,074 1 — 4,803 5,563